Global Consultant DNV Invests in Blockchain Startup VeChain

Blockchain startup VeChain announced Tuesday that it is expanding its working relationship with global registrar DNV GL after the latter invested in the startup.

While the firms did not reveal the details of the deal, VeChain CEO Sunny Lu told CoinDesk that the companies would continue their partnership, which uses VeChain's network to securely store supply chain management information. The move marks one of the first enterprise investments in this network, he said.

Furthermore, DNV plans to become the first VeChain Authority Masternode holder, meaning it will have control over 101 Authority Masternodes on the startup's public VeChainThor network.

Luca Crisciotti, chief executive of DNV, told CoinDesk that the investment is one of several aimed at improving its existing processes - in particular, using VeChain's network to become more efficient, he said.

Additionally, the two the firms will build a supply chain product for DNV clients using VeChain technology.

"We are able to provide with VeChain a solution that balances safety and [speed]," Crisciotti explained, adding:

"Our mission is the ability to make sure that product is reaching the shelves, that it's ultimately reaching the consumer ... What we are providing to our customers is commitment."

The marks DNV's latest move in the blockchain space. Crisciotti told CoinDesk of one example in which the registrar issued certificates on its private blockchain just one year ago.

DNV's original agreement with VeChain was aimed at helping it more efficiently track food, beverage, fashion and retail products, as previously reported by CoinDesk.

Crisciotti cited VeChain's speed as a reason for picking the startup, concluding: "We needed a quick blockchain. With VeChain, we can do that."